Iceland:

Iceland Moves Closer to Powering European Homes With Green Power (Bloomberg)

Iceland is moving closer to plugging European homes into the volcanic island nation’s geothermal and hydropower reserves via what would be the world’s longest power cable, according to the country’s largest energy producer.

“The more we look at this project, the more positive feedback we get,” said Hordur Arnarson, chief executive officer of Landsvirkjun, which produces more than 70 percent of Iceland’s power. “Over the past two years we’ve moved closer to this project becoming a reality,” he said in an interview in Reykjavik on May 21.

Iceland’s government and Landsvirkjun are studying whether the country should press ahead with the project, which could cost as much as 2 billion euros ($2.7 billion). Construction of the 1,170-kilometer (727-mile) submarine cable would need a bilateral agreement with the U.K. as well as deals concerning the purchase and sale of electricity.

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